Growth, Accumulation, and Unproductive Activity

This insightful book examines the rise of unproductive activities in the U.S. economy post-World War II and their impact on growth.

The book Growth, Accumulation, and Unproductive Activity explores the rise of unproductive activities in the U.S. economy since World War II, revealing their significant impact on economic dynamics. It investigates how these activities, which include sectors such as wholesaling, retailing, and various financial services, contribute to a slowdown in capital accumulation and productivity growth. The author argues that the shift of resources towards these unproductive sectors has detrimental effects on overall economic growth and living standards.

Throughout the narrative, the author highlights the paradox of advanced capitalism, where the competitive forces that initially drive innovation and productivity eventually lead to an increase in non-productive activities. This transition is linked to a reduction in new capital formation, ultimately stunting economic growth and affecting per capita living standards. The book emphasizes the importance of recognizing these trends to understand the broader implications for the economy.

Growth, Accumulation, and Unproductive Activity serves as a critical examination of how unproductive activities have become entrenched in the economic landscape, challenging readers to rethink the relationship between productivity, capital accumulation, and economic growth. The insights provided in this book are essential for policymakers, economists, and anyone interested in the complexities of modern economic systems.